We will continue acquisition-led strategy in India: Havas Chairman and CEO Yannick Bolloré

Amidst the broader wave of consolidation in the Indian advertising industry, and speculation of Madison World selling 70% stake, Havas CEO and Chairman Yannick Bolloré recently reaffirmed the company’s commitment to its acquisition-led growth strategy.

“We consolidated a lot in India. We grew through acquisitions—five to six in the last eight years,” Bolloré said during a fireside chat at Storyboard18 Marquee Nights. “We will continue to develop this acquisitive strategy. What’s important for us is to create a unified culture at Havas—something that sets us apart from our peers.”

His comments hold significance as Storyboard18 earlier reported that Havas and fellow French multinational Publicis Groupe are in the final stages of bidding for a 70% stake in the homegrown agency, Madison World. Industry insiders revealed to Storyboard18 exclusively that a private equity player is also in the race, signaling just how coveted Madison is. Names of global consultancies and networks such as Accenture and Stagwell Inc have popped in agency corridors. The deal is expected to peg the company’s valuation at around ₹1,000 crore.

Read more: Race for Madison: Private Equity firm in play. Banker on board. Bid to acquire Madison heats up

Founded in 1988 by Sam Balsara, Madison World has steadily evolved from a traditional media agency into a diversified advertising behemoth. With business verticals spanning media, creative, PR, digital, outdoor, mobile, sports, and influencer marketing, it has long been seen as a full-service powerhouse. Selling majority of its stake, could redefine the contours of India’s advertising landscape.

At the event, Bolloré emphasized Havas' positioning as a "challenger" brand, a trait he believes resonates with both clients and employees. “Some of our clients, who are leaders in their industries, describe themselves as challengers. That energy is what drives us. Havas culture is great, and everything we’ve built in India is great. We have the scale now to truly compete.”

"Havas' culture is great. Everything we have built in India is great. So for now, I really believe that we have the great scale to compete. Even maybe the best scale, I told someone earlier today, if I were a CEO of any company in India, I would choose Havas as a company to work with. Havas is for me the best company in terms of point of reference. It's the most integrated group in the industry."

Bolloré noted that Havas’ scale enables it to move faster than competitors and cited this agility as a key reason behind the company’s recent success.

Read more: "It’s a big bet to kill legacy brands": Havas' Yannick Bolloré on why brand heritage still matters

Havas recently announced a strong performance in the first quarter of 2025, posting organic net revenue growth of 2.1%. The company’s revenue rose to €676 million from €649 million in the same period last year. Total growth reached 5.2%, reflecting the combined impact of acquisitions and favorable currency movements.

North America and Latin America were standout performers, with Bolloré crediting “business momentum and the company’s acquisition strategy” for the growth. The APAC and Africa regions posted a solid 1.9% year-on-year organic revenue increase, led by Havas Media. Latin America delivered an impressive 16.6% growth in the quarter, driven by double-digit gains in both Havas Creative and Havas Media.